All Forum Posts by: Ryan Runchey

@Greg Moore I am creating a solo 401k in order to invest $30k in BTC/ETH 80/20. Watch and read the founder of RealVision, Raoul Pal, reasoning behind putting 98% of his liquid net worth into BTC/ETH 80/20. The investment thesis makes a lot of sense: RAOUL PAL: THE BIGGEST TRADE IN THE WORLD

Various BTC valuation metrics

1. $600k BTC: The market cap of gold is $9T. The market cap of BTC is $0.3T. BTC to equal Gold > 30x price increase.
   
2. $320k BTC: USA investible net worth is $112T. Fidelity digital recommends 5-10% BTC allocation - just like traditionally Gold. That's $5T market cap for BTC with USA alone > 16x price increase. Global wealth is $400T. 
3. Note: Institutional investors don't pay attention to an asset class at $100B. At $300B, it's on the radar (right now, $20k BTC). At $1T, you got to be in this thing. We're a 3x price increase away from institutional FOMO. Below $1T, it's not a big enough market to invest.
4. Global central banks are trying to get inflation as well as trying to ensure overwhelming debts (public, private, corporate) continue to be repaid... the easiest thing to do in the short-run is print more dollars. BTC is thought to be a hedge against that inflation.
5. Risk of regulation: USA at least the thought is the concern is much more on stable coins than on store of value assets like BTC. The first crypto ETF just launched $BITW. 
6. MSI, Square, and many other companies are adding BTC to their treasury. That is an additional driver not listed in the above two price targets which could drive the price even higher. 
7. Peter Lynch, famed mutual fund manager, said to paraphrase that it's okay to join a great run 10 years into the story... there's likely much more room to run.  

@Basit Siddiqi Thanks for the input! Correct, I have housemates to help with living expenses; however, I am not really using the BRRRR method because my renovations are cosmetic (changing light fixtures, furniture, paint, small fixes). I am living in the living room which is a living room by day and a place to rest at night, so still a shared space. Given these reasons, I'm assuming all improvements and spending should be deductible at the pro-rated amount.

Natalie and Katie, can you share some of those referrals? I am house hacking a condo in San Jose. I've been doing my best with Quickbooks Online but have taken it as far as I can go. I'm confident a competent professional would need 2-4 hours to finish up my 2019 reporting. However, Finding a real estate bookkeeper / accountant has been difficult for a reasonable price. The last one I spoke to wanted $300 per hour! Insane. I'm currently holding out hope that BiggerPockets community has something more reasonable but am also searching on UpWork as a fallback. 

@Allan Smith do you have a REI bookkeeper to recommend?

I’ve done my best with matching receipts to bank transactions but probably have 2-4 hours more work for a professional to wrap up 2019.

< 200 total bank transactions

1. Initial condo purchase JE using the closing disclosure

2. Separately tracking mortgage payments PIT

3. Properly assigning transactions to chart of accounts. I created COGS accounts to match the line items on IRS form 8825 to keep it simple but most of my transactions so far don’t seem to align with them (things like tool purchases, furniture and light fixtures, and a wall divider capital project).

4. ...

@Markus Shobe thanks for the quick tip

Hi Bigger Pockets,

I purchased a condo in the bay area this year living as an owner-occupant with housemates. While it's not a big fixer-upper, I am renovating - three steps in with BRR!

I need help with Quickbooks accounting for the rental property. The entry-level Quickbooks Online software itself is expensive $250/yr... that's not even adding up potential books/courses, CPA fees or personal tax filing software like Turbo Tax. Outrageous!

I am diligently saving/scanning/uploading receipts & importing transactions from a rental-specific-checking linked bank account.

I've found two websites that are supposed to help with Quickbooks for rental properties:

[OLD] https://landlordaccounting.com... only... $99)

[REALLY NEW] https://www.incomedigs.com/&nb... online, seems good but so new... also $600 for the bootcamp) 

These fees above include books/video courses & chart of accounts download but do not include any personal help with setting things up, in-person instruction, or ongoing maintenance.

Does anybody have any recommendations for setting up Quickbooks Online the right (and affordable) way? Any recommendations on CPAs? 

I'm not against spending $500 to do this right the first time but that just seems expensive for self-taught approach.

Thanks,

Ryan